Payment Processing Solutions Market Trends in Security and Fraud Prevention

 The global payment processing solutions market size is expected to reach USD 139.90 billion by 2030, registering a CAGR of 14.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the growing cashless economy initiatives undertaken by several governments across the globe. With such cashless economy initiatives, the adoption of digital payments has increased, which has created a demand for payment processing solutions.

The increasing e-commerce and online shopping trends across the globe are the major factors driving the growth of the payment processing solution industry. According to OptinMonster, in 2019, almost 93.5% of global internet users purchased products online. In addition, the increasing digitalization across several industries to lower operational costs and expand the boundaries of the business bode well with the market’s growth.

Gather more insights about the market drivers, restrains and growth of the Global Payment Processing Solutions Market

 

The increasing partnerships, collaborations, and launches are further expected to drive the market’s growth over the forecast period. For instance, in September 2022, Unicorn Payment, a multi-currency merchant services provider, and online payment processing company, announced the introduction of a new partnership program for web developers across European countries. With the new partnership program, the company enabled European web developers to earn monthly by referring merchants to Unicorn Payment.

The COVID-19 pandemic impacted market growth favorably over the forecast period. The shift in the online purchasing behavior of consumers due to lockdowns during the COVID-19 pandemic opened up new growth opportunities for the market. Furthermore, increasing launches of payment processing solutions during the COVID-19 pandemic led to an increase in the adoption of e-wallets and card payments among consumers resulting in the positive growth of the market.

Payment Processing Solutions Market Report Highlights

  • The growing popularity of smartphones and technological innovation is anticipated to boost the usage of e-wallets across the globe
  • As retailers are focusing on diversifying their business operations, they are increasingly embracing wireless and mobile processing technologies for payment processes. This, in turn, is expected to fuel the adoption of payment processing solutions in the retail end-use industry
  • Increasing e-commerce sales coupled with the growing internet penetration across the Asia Pacific region is expected to fuel the market growth over the forecast period

Key Companies & Market Share Insights

Key vendors in the market include Adyen N.V.; Amazon Payments Inc.; Authorize.Net; PayPal Holdings Inc.; and Global Payments, Inc. The market is highly consolidated by players, such as Amazon Payments Inc.; PayPal Holdings, Inc.; and Authorize.Net. The vendors are leveraging the partnership activities to expand their product portfolio and gain a competitive edge over other vendors.

  • For instance, in August 2022, Agoda partnered with Alipay+ to leverage Alipay+ solutions on the Agoda platform for bettering customer benefits and rewards. With this partnership, Agoda enhanced its transaction conversion rate by offering travelers rewards using Alipay+ rewards and in-cashier marketing services to distribute rewards and redemption on Agoda. Vendors are focusing on innovations to differentiate and personalize their solution offerings for potential customers. Also, vendors are largely investing in R&D activities for innovating and updating their products and solutions.
  • Mergers & acquisitions and new product launches are some of the key strategies adopted by these vendors to strengthen their foothold in the market. For instance, in September 2018, Global Payments Inc. partnered with Ingenico Group to offer advanced payment terminal services to enhance the consumer payment experience. This partnership aimed at increasing its small & medium enterprises’ customer base.

List of Key Players in the Payment Processing Solutions Market

  • Adyen
  • Alipay
  • Amazon Payments, Inc.
  • Net
  • PayPal Holdings Inc.
  • PayU
  • SecurePay
  • Stripe, Inc.
  • Apple Inc. (Apple Pay)
  • Alphabet (Google Pay)

Order a free sample PDF of the Payment Processing Solutions Market Intelligence Study, published by Grand View Research.

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